Jun 3, 2026
The Universe of Form ADV
A comprehensive data analysis of 56,000+ SEC-registered investment advisers — their assets, disclosures, institutional holdings, and the firms that shape American finance.
Field Notes
Telemetry readouts from the race. Thoughts on finance, technology, and engineering.
May 5, 2026
The Smaller Company: Inside GameStop's $55.5 Billion Bid for eBay
How a 41-year-old mall retailer with a $9 billion cash pile and a meme stock following decided to take over a 30-year-old auction house worth four times as much. Full histories of both companies, the May 2026 offer letter, and the math nobody can quite agree on.
May 5, 2026
Last Stop: How America Tore Up 50,000 Miles of Streetcar Track for $5,001
The rise, fall, and afterlife of the American streetcar — from Frank Sprague's 1888 demo in Richmond to a $5,000 fine that helped reshape a continent. With a side-by-side look at why Zurich, Munich and Melbourne kept their tracks while we paved over ours.
May 2, 2026
The Money Lines: Inside Twelve Sports' 2025 Cash Flows
Twelve sports. Roughly ninety billion dollars in distributable revenue. We trace every flow from broadcasters to players across seven global competitions and the five major US leagues.
Apr 30, 2026
Q1 2026 Big Tech Earnings: Cloud Beats, Capex Soars
In a single Wednesday after-bell, Microsoft, Alphabet, Meta, and Amazon printed the cleanest set of cloud and advertising results of the AI cycle — and raised their 2026 capex budgets.
Apr 16, 2026
Dutch Bros: From Pushcart to Public Market Phenomenon
How two dairy farmers from Grants Pass, Oregon built a $6.4 billion drive-thru empire — and why the next chapter may be the most consequential yet.
Apr 14, 2026
The Earnings Volatility Trade — Capital Lens
Q2 2026 reporting season opens with implied moves at multi-year highs. We rank the 20 biggest single-day post-print swings of the last twelve months — then map a defined-risk call structure onto Figma, Rivian, and SoFi.
Apr 12, 2026
The Sovereign Wealth Invasion
Qatar, Saudi Arabia, and Abu Dhabi are co-leading the largest AI deals in history. We map where sovereign capital is concentrating and what it means when nation-states become the primary backers of the AI stack.
Apr 11, 2026
The Extraction vs. Reinvestment Playbook — Beyond F1
CVC bled Formula One dry. Liberty Media bought it and tripled the audience. Both won — on entirely different logic. We take that lens beyond F1 and map where extraction ends and compounding begins.
Apr 9, 2026
Andreessen Horowitz: The Firm That Rewrote the VC Rulebook
a16z started as a VC fund. Today it has $42B+ AUM, a media arm, a policy shop, and dedicated crypto and bio funds. It's not a venture firm anymore — it's a capital platform competing with Goldman for the future of financial intermediation.
Apr 7, 2026
The Whisper Number Economy
The consensus EPS estimate is the floor, not the target. In modern markets, the price-moving number is the whisper — an invisible, crowd-sourced expectation that Wall Street never publishes. We explain how it works and what it means for your portfolio.
Apr 5, 2026
Starlink vs. The World
SpaceX's Starlink has 9.2M subscribers, $10B+ in annual revenue, and 60%+ share of all active satellites in LEO. Amazon, OneWeb, and every national broadband programme are chasing a lead that is growing, not shrinking. We map the battle for the sky.
Apr 3, 2026
The Death of the Mutual Fund
$32B fled mutual funds in a single week in Q1 2026. Active managers have been losing to index funds for 20 years. ETFs are eating their lunch from below while SMAs take their high-net-worth clients from above. We write the obituary.
Apr 1, 2026
OpenAI's Cap Table Is a Map of the Future
Three of the ten largest private funding rounds in history belong to OpenAI. Every investor at the table represents a theory about how AI power will be distributed. We trace every major position and what it reveals.
Mar 30, 2026
The Dutch Bros Effect: When Founder Culture Scales
Dutch Bros grew from a pushcart to a $6.4B public company on the strength of something that doesn't appear on any balance sheet: cult founder culture. We examine when that culture survives institutional growth — and when it breaks.
Mar 28, 2026
When PE Goes Public, Everything Changes
CVC Capital Partners listed on Euronext Amsterdam in April 2024. Apollo, Ares, and Blue Owl have all gone public. The PE industry that built its identity on opacity is now subject to quarterly earnings calls. We examine what happens when the GP becomes the asset.
Mar 26, 2026
The $100B Bet on Human Capital
Blackstone, Apollo, and KKR are quietly buying coding bootcamps, credentialing platforms, and professional training companies. The same playbook that conquered sports and infrastructure is now targeting education — the one market that is simultaneously huge, fragmented, and politically explosive.
Mar 24, 2026
Blackstone Buys Into the IPL — What You Need to Know
The world's largest alternative asset manager just made its first-ever sports investment — a seat at the table of cricket's most lucrative league.
Mar 24, 2026
The $169B Corporate Venture Machine
Google backed Uber. Intel funded VMware. Salesforce turned $250M into billions through Snowflake. A deep dive into the top 10 corporate venture arms.
Mar 24, 2026
The Original Sports PE Firm: CVC Capital Partners
Before Silver Lake, Arctos, and Blackstone... there was CVC. A deep dive into private equity's most consequential sports investing story.
Mar 24, 2026
The Other Side of the Trade: Liberty Media
CVC extracted billions from Formula One and walked away. Liberty Media bought what was left, invested where CVC didn't, and turned a declining European motorsport into a global entertainment franchise.
Mar 24, 2026
Nasdaq Ventures: The Exchange that Invests in the Markets of Tomorrow
Nasdaq Ventures is the smallest, most focused venture arm — and arguably the most strategically coherent. Here's a deep dive into its playbook.
Mar 23, 2026
The 100 Greatest Venture Capital Funds Ever Raised
The definitive ranking of the 100 greatest VC funds in history, measured by net returns to LPs.
Mar 21, 2026
Apollo Global Management: From Junk Bonds to the Beautiful Game
How Apollo Sports Capital became the majority shareholder of Atlético de Madrid for €2.5 billion, and why private equity is conquering global sports.
Mar 20, 2026
Blackbird Ventures: The AU$250,000 Check That Built an $8 Billion Empire
How a $30 million fund and a single $250,000 seed check into Canva became the greatest venture capital bet in Australian history.
Mar 20, 2026
I Applied to Blackstone. I Interviewed at BlackRock. Here's Why the Entire World Makes the Same Mistake.
A deep dive into the intertwined history of the two most powerful firms on Wall Street: Blackstone and BlackRock.
Mar 20, 2026
Canva vs. Figma: Two Philosophies, One Canvas
A deep dive comparing the origins, philosophies, financials, and future trajectories of Canva and Figma.
Mar 20, 2026
Figma: The $1 Billion Browser Bet That Redrew Silicon Valley
A deep dive into Figma's contrarian technical architecture and a covered call strategy on $FIG.
Mar 20, 2026
The 100 Greatest Private Equity Funds Ever Raised
A comprehensive ranking of the greatest private equity funds in history, exploring net MOIC and actual wealth creation.
Mar 20, 2026
The 100 Greatest Venture Capital Bets Ever Made
The definitive, data-driven ranking of the 100 greatest VC investments of all time, measured by return multiple.
Mar 20, 2026
The Covered Call Playbook: How to Generate $100+/Month on a $10,000 Portfolio
A deep dive into generating monthly income using covered calls, featuring SOFI, FIG, and RIVN.